Shanghai Composite falls 0.82% to 3,651.43, ChiNext down 4.45%; onshore yuan closes at 6.6621, strongest since June 2022.
A-shares opened lower and drifted down on 29 October. The Shanghai Composite closed at 3,651.43, down 0.82%; the Shenzhen Component at 11,138.20, down 2.92%; ChiNext at 2,517.59, down 4.45%; the STAR Composite at 1,490.79, down 4.46%; and the CSI 300 at 4,041.84, down 1.03%. Turnover in Shanghai and Shenzhen was about 1.56 trillion yuan, roughly 72 billion yuan less than the previous session, with more than 4,700 stocks falling. Computing hardware, optical modules, semiconductors and memory chips led losses, while banks rallied and the combined market value of the big four state banks topped 10 trillion yuan for the first time. The yuan's central parity was set at 6.7147 per dollar, 18 pips stronger; the onshore yuan (CNY) closed at 6.6621 at 16:30, up 48 pips, and the offshore yuan (CNH) traded around 6.659 near 17:00. Reuters said the onshore yuan touched 6.6620 intraday, its strongest since 7 June 2022, and that the fixing was 551 pips weaker than its estimate, which traders read as a signal to pace appreciation; by Reuters' calculation the CFETS basket index rose to 103.75. Reuters also said Alphabet's results stoked worries about returns on AI spending, weighing on Chinese tech shares.
Read full issue →